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The global coal power generation market demand was 2116.7 GW in 2019 and is expected to grow at a volume-based compound annual growth rate (CAGR) of 6.4% from 2020 to 2027. During the estimated period, the strong demand for energy is expected to drive the carbon market. Because of its abundance and low cost compared with other generating procedures, Coal is a key source for power generation. Coal generation accounts for over 38.0% of the global demand for electricity.
The total capacity of coal produced annually is almost twice that of 1,066,0GW to 2116,7GW between 2000 and 2019. This development was driven by the promise of supplying cheap energy for financial growth. Because some countries import coal, which is mixed and used to generate electricity. For example, India imported coal from several countries, including Australia, Indonesia and South Africa. In addition, the coal companies mix it with the domestic coal, which will further reduce emissions, to achieve improved fuel characteristics. Coal blending reinforces the reliability and performance of coal-fired power plants and eventually contributes to stable production costs that further drive the market. The blending process must be adapted to environmentally sound standards in the next few years, since it helps to maintain the ash content in specified levels.
The modernization and flexibility of the current coal-fired power plant remains a priority in the US. In January 2019 the U.S. Department of Energy announced that the total reliability, performance and flexibility of existing coal power plants will reach up to USD 37 million in research and development.
Advances in technology in fly-ash management are boosting the growth of the coal power generation market. A rubbish produced in coal-fired power plants during combustion. Global governments implement various air pollution control measures. In order to fulfil these regulatory aspects, effective ash handling systems are produced.
In emerging countries, like Asia Pacific, Central and South America, fast urbanization and industrialization have caused increasing demand for electricity in residential and commercial applications over the years. The introduction of environmentally friendly technologies could hamper the growth of the coal-fired power market. Strict greenhouse gas (GHG) regulations are expected to limit market growth and promote other electricity generation technologies.
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